Pepe's Price Surge Raises Concerns of Overheating in Memecoin Market

The cryptocurrency market has seen a surge in memecoin prices over the past week, led by Pepe's impressive 61% rally.

Dogecoin, often referred to as the leading memecoin, trailed behind with a 33% gain in the same period.

Pepe's strong performance has also been reflected in its derivatives market, where Open Interest behind PEPE perpetuals rose by over 50% in just three days, according to Coinalyze data.

The rapid price gains have led some traders to take profits while retail investors FOMO-ed in. The heavy trading volume and rising spot inflows also raised concerns about overheating in the memecoin sector.